Main Points:
- Mayor Eric Adams publicly criticized former Governor Andrew Cuomo’s “wrong and misguided” crypto policies at the Permissionless conference, pledging to rebuild New York’s digital asset ecosystem.
- Adams plans to establish a municipal task force or city council dedicated to advocating cryptocurrency-friendly legislation at the state level.
- He aims to enable residents to pay for city services using digital assets and to introduce blockchain and digital-asset education in public schools.
- Federal momentum on stablecoin regulation, exemplified by the Senate’s passage of the GENIUS Act, provides a supportive backdrop for municipal initiatives.
- Adams advocates for Bitcoin-backed municipal bonds (“BitBond”), but faces strong opposition from Comptroller Brad Lander and legal scrutiny.
- The mayor himself remains under federal investigation for alleged corruption related to campaign contributions, adding complexity to his reform drive.
1. A Democratic Primary Set Against Crypto Policy Debates
As New York City voters headed to the polls in the Democratic mayoral primary on June 25, Mayor Eric Adams used the spotlight at Brooklyn’s Permissionless conference to draw a sharp contrast with former Governor Andrew Cuomo’s tenure. Adams accused Cuomo of having “dismantled and destroyed the industry,” labeling his predecessor’s approach to digital assets as “wrong” and “misguided.” This critique comes as Cuomo, despite past misconduct allegations and resignation in 2021, leads in polls among Democratic primary contenders.
Adams, running for re-election as an independent, took advantage of the timing to position himself as the pro-crypto alternative. His comments directly targeted Cuomo’s restrictive policies, which included heavy regulations under the BitLicense framework that many in the industry blamed for pushing crypto firms out of New York State.
2. Building a Crypto-Friendly City Council
To institutionalize his pro-crypto vision, Mayor Adams announced plans to establish a dedicated city council or municipal task force. This body would lobby the New York State government to adopt legislation favorable to digital-asset businesses and blockchain innovation. By centralizing advocacy, Adams hopes to accelerate reforms at the state level that have stalled under previous administrations.
Within the first 120 days of his proposed setup, Adams pointed to the “impressive” number of crypto-related bills moving through the U.S. Congress, suggesting that similar momentum could be harnessed at the city and state levels.
3. Crypto Payments for City Services & Educational Pipelines
Adams envisions “building out the pipeline” to allow everyday New Yorkers to pay for municipal services—such as tuition, transit fares, and utility bills—in cryptocurrency. This pilot initiative aims to both demonstrate practical blockchain use cases and position the city government as an early adopter of digital payments. At the same time, Adams proposes integrating digital-asset education into public school curricula, preparing students for a future where blockchain literacy is increasingly valuable.
By combining payment infrastructure with education, the mayor seeks to create a talent pipeline that supports long-term industry growth in New York City.
4. Riding Federal Legislative Momentum on Stablecoins
At the federal level, the U.S. Senate’s June 17 passage of the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) marks a watershed in cryptocurrency regulation. The Act mandates that dollar-pegged stablecoins must be backed 1:1 by secure assets—such as USD reserves or short-term Treasury bills—and imposes regular disclosure requirements. Senior issuers with market caps above $50 billion will face annual audits and enhanced safeguards for holders in bankruptcy scenarios.
This bipartisan momentum has invigorated the market. Circle Internet Group’s stock price surged from its IPO level of $31 on June 5, 2025, to $190.03 following the Senate vote—a sixfold increase underscoring investor optimism in a regulated stablecoin framework. As shown in Figure 1, the legislative breakthrough translated directly into market gains.
Figure 1: Circle Internet Stock Price – IPO vs. Post-Legislation
(Displayed above)
5. It’s Not All Smooth Sailing: Bitcoin-Backed Municipal Bonds
Arguably the most headline-grabbing of Adams’ proposals is the issuance of Bitcoin-backed municipal bonds, dubbed “BitBond.” Under this plan, New York City would pledge BTC reserves as collateral for debt instruments, potentially lowering yields while giving investors crypto-exposed returns.
However, Comptroller Brad Lander has been a vocal critic, calling the proposal “legally dubious and fiscally irresponsible” and vowing to block any issuance under his oversight. Lander’s stance highlights concerns that crypto volatility could imperil the city’s creditworthiness and erode investor confidence in traditional municipal finances.
6. Legal and Political Headwinds
Mayor Adams’ crypto crusade is unfolding amidst personal legal scrutiny. He is under federal investigation over alleged illicit campaign contributions from foreign sources—in particular, suspected illegal donations from the Turkish government. Justice Department officials appointed by President Trump intervened in local proceedings, prompting debate over political motivations in the probe. These legal clouds may complicate Adams’ ability to marshal support for his ambitious crypto agenda.
The proximity of primary and general elections adds urgency: Adams must rally both crypto advocates and fiscally conservative stakeholders before facing the Democratic nominee—and potentially the GOP’s Curtis Sliwa, who also campaigned on crypto themes in 2021.
7. Implications for Crypto Investors and Practitioners
For readers seeking new crypto assets, revenue sources, and real-world blockchain applications, Adams’ proposals offer both promise and caution:
- Municipal Adoption: If successful, crypto payments for city services could drive broader acceptance and spur startup innovation in payment solutions and municipal revenue tools.
- Talent Pipeline: Digital-asset education may seed a future workforce skilled in decentralized finance (DeFi), blockchain development, and compliance, reinforcing New York’s status as a crypto hub.
- Regulatory Alignment: Local initiatives aligned with federal stablecoin regulation may reduce compliance fragmentation, offering clearer pathways for business expansion.
- Risk Management: The BitBond debate underscores the need for robust volatility controls and legal frameworks when integrating crypto into traditional finance.
Overall, Adams’ agenda could accelerate practical blockchain deployments while serving as a bellwether for other major cities exploring digital-asset strategies.
Conclusion
Mayor Eric Adams has leveraged his platform during the Democratic primary campaign to stake out a bold, pro-crypto vision for New York City. By criticizing his predecessor’s restrictive policies, proposing institutional advocacy through a dedicated city council, and promoting both crypto payments and municipal bonds, Adams seeks to position NYC at the forefront of digital-asset innovation. Supported by landmark federal legislation on stablecoins, his plan blends practical use cases with educational initiatives. However, opposition from City Hall’s financial watchdog and ongoing legal challenges cast uncertainty over the roadmap. For investors and blockchain practitioners, the unfolding developments in New York offer valuable insights into how crypto may integrate with public finance, governance, and education in the years ahead.
